Minutes show continued strong rate-cutting sentiment

The Bank of England's monetary policy committee (MPC) were all
agreed that the base rate should fall again this month, minutes of
the latest meeting have revealed.

All but one of the nine members voted in favour of the 0.5 per cent
reduction in the rate to its lowest ever level of 1.5 per
cent.

The dissenting voice was that of David Blanchflower, who wanted to
see a larger reduction of one per cent.

Such a clear display in favour of monetary loosening may suggest
that the MPC is likely to cut again soon, something that could help
bring down the cost of mortgages.

In related news, the Bank's governor Mervyn King has said in a
speech that the priority of monetary policy should remain targeting
the inflation rate, while other devices should be used to control
the level of debt in the economy.

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